Absolutely not. One rogue player in the Suadi government doesn't necessitate the destruction of our relationship with Suadi Arabia. By banning arms sales, billions of US dollars to corporations would be lost as well as numerous jobs.
We (the US) have already placed sanctions on the Saudi’s, and that is sufficient punishment to make the Saudi’s painfully aware this type of behavior will not be tolerated.
Any more financial penalties only hurt US companies. You don't cut off your nose to spite your face.